# Brex

Brex is an Asset Manager based in San Francisco, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2017
- **Assets under management:** Undisclosed
- **Website:** brex.com
- **LinkedIn:** https://www.linkedin.com/company/brex7

## About

Brex is a modern finance software platform offering corporate cards, banking, expenses, accounting, and more in 120+ countries. It serves startups, mid-size companies, and enterprises with spend controls, expense management, travel, bill pay, and banking and treasury. It is trusted by 35,000+ companies.

## Sectors

- FinTech

## Offices

- New York, NY
- Salt Lake City, UT
- Vancouver, BC, Canada
- Sao Paulo, Brazil
- Tel Aviv, Israel

## People

- Henrique Dubugras — Co-CEO & Co-Founder
- Pedro Franceschi — Co-CEO & Co-Founder

## Questions

### How does Brex fund the credit it extends to its customers?

Brex uses a combination of its own balance-sheet capital, secured warehouse facilities, and capital markets securitizations. The firm closed a $300 million warehouse facility in 2022 and has raised over $1.5 billion in equity from investors including Greenoaks, Tiger Global, and DST Global. These funding lines are structured against the receivables generated by its corporate card, venture debt, and term lending products.

### Is Brex a bank, and how does that affect its credit underwriting?

Brex is not a chartered bank. It operates as a fintech issuer-processor, meaning it originates credit and payment rails through partner banks and its own lending licenses where applicable. Its underwriting models for venture-backed companies emphasize metrics like real-time cash balances and recent fundraising history, which differs from traditional bank models that rely heavily on personal guarantees and FICO scores.

### Who runs day-to-day operations at Brex?

Henrique Dubugras and Pedro Franceschi serve as co-CEOs, sharing executive leadership. Both are co-founders who previously built Pagar.me, a Stripe-like payments platform in Brazil, which they sold before launching Brex. The co-CEO structure surfaced publicly as leadership evolved beyond the firm's earlier startup phase.

### What regions does Brex actively operate in?

Brex operates in the United States, Brazil, and Israel with direct legal entities and local banking relationships, and supports corporate spend in over 120 countries through its card issuance and global payments infrastructure. Brazilian operations trace back to the founders' earlier experience with Pagar.me and an acquisition of a Brazilian-licensed fintech to expand that market.

### How does Brex's credit portfolio perform relative to traditional commercial lenders?

Brex does not publicly disclose portfolio-level credit metrics such as net charge-off rates, delinquency ratios, or coverage reserves. The firm's institutional capital providers (Barclays, Credit Suisse, Morgan Stanley) perform their own due diligence, and the reported warehouse facility pricing reflected at-market structured-credit terms for the fintech lender segment at the time of closing.

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Last updated: 2026-08-11T15:06:20.694Z

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